« previous next »

Author Question: A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average ... (Read 355 times)

s.tung

  • Hero Member
  • *****
  • Posts: 577
on: Jun 30, 2018
A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average variable cost curve.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If water is essential for life, while diamonds are not, then why is water cheaper than diamonds?
 a. Because most people would rather die with a big diamond ring than live without one.
  b. Because the total utility generated by diamonds is larger than the total utility generated by water.
  c. Because most people do not understand their total need for water.
  d. Because water is abundant, the marginal utility of water is low, and price reflects marginal utility, not total utility.


JaynaD87

  • Sr. Member
  • ****
  • Posts: 368
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

s.tung

  • Hero Member
  • *****
  • Posts: 577
Reply #2 on: Jun 30, 2018
Thank you


JaynaD87

  • Sr. Member
  • ****
  • Posts: 368
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Essential fatty acids have been shown to be effective against ulcers, asthma, dental cavities, and skin disorders such as acne.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r
A Dose-Response Curve A Dose-Response Curve
Neck stretch. Rest the receiver’s head on the palm of your right hand, taking a firm hold on the ... Neck stretch. Rest the receiver’s head on the palm of your right hand, taking a firm hold on the ...
Classic Supply - Demand Curve Classic Supply - Demand Curve
Project Management: Achieving Competitive Advantage, 5th Edition Project Management: Achieving Competitive Advantage, 5th Edition
The Radioactive Decay Curve The Radioactive Decay Curve
Video: Brain Anatomy Animation (Part 2 of 2)

For a complete list of videos, visit our video library